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July 25, 2018One-on-One with Dale Redman, ProPetro (4:02)
ProPetro CEO Dale Redman shares how the company has stayed true to its core values even as it has adapted to changing logistics, supply chain needs, and market trends.

TOM BUTCHER: Dale, thanks so much indeed for joining me. We have heard a lot about changing business models this year. How has ProPetro evolved in today’s environment?

DALE REDMAN: I think all of us change as a company. But what you cannot get away from are the core values of which you started. And the two things that you will never see our company stray from are our people or our customers’ needs. I think, however your company changed from a technology standpoint, to a geographic standpoint, that the two variables that you cannot change in the service business is your attention to your employee base and your customers. And so, we have changed from a horsepower standpoint on location from when, in 2014, we were developing this acreage vertically. Now it is horizontally, and your ability to change and adapt to the logistic challenges, to the number of people on location challenges, to the supply chain challenges… But philosophically, I am really happy about our company and the manner that the culture has not changed as we have almost doubled the size of the company with the shale revolution and the intensity of the work. I think we are still, at the heart of and core of our company, the same, philosophically: the importance of people and execution and exceeding customer expectations. Outside of that – those are the things we cannot change – we will adapt to the other things that need to be changed to develop these assets in a manufacturing-style mode.

BUTCHER: Thanks so much. And one last question: what would you like conference attendees to take away with them about ProPetro?

REDMAN: I think, first of all, I want them to take away that they [ProPetro] speak the truth. That what comes out of our mouth is really what we believe. And that they can take solace in the fact that we are a company that values people, values execution, looks at this business on a long-term basis, not worrying so much of quarter over quarter, being astute to the financial metrics that are required from us, but really take on a long-term approach to business that other sectors and industries in the investment space take on. And we are in a time today, with this transition, in the shale revolution in the Permian, where you can take a much longer approach – years and years at a time – that allow you to run your business that way. So I think that is what I would hope the attendees get, and that ProPetro is something they have been looking for in the space, and over time we can earn that trust with the manner in which we conduct our business and return value to those shareholders.

BUTCHER: Great. Thank you very much. And may I wish you all the best going forward?

REDMAN: Thank you so much for allowing us to be at the VanEck conference, and we appreciate your support.


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